In Part One of this webinar series, the political and social ‘alternate reality’ that the world finds itself as the ‘new normal’ was covered. In the second part of the webinar series, it was shown that the traditional macroeconomic policies that worked in previous crises could no longer be relied upon as, there was evidence of the emergence of what can only be described as ‘Crazynomics”.
In this concluding Part Three, the impact of COVID-19 on various global interconnections, from logistical supply chains that drive our commerce, to physical weather patterns that drive our climate are explored. When the pandemic tsunami hit, the seamless man-made supply chains that could be tapped by both governments and large and small companies came to a grinding halt. In terms of the world’s natural logistics of its weather patterns, there was some respite as the emission of greenhouse gases reduced when countries went into ‘lockdowns’. However, these very lockdowns have caused a significant increase in plastic pollution in terms of throw-away masks and take-out food containers — most of which have found their way to our rivers and seas, where the logistics of ocean currents take such pollution to all parts of the world.
Professor Janek Ratnatunga is CEO of the Institute of Certified Management Accountants. He has held appointments at the University of Melbourne, Monash University and the Australian National University in Australia; and the Universities of Washington, Richmond and Rhode Island in the USA. Prior to his academic career he worked with KPMG.